Not quite. It does base some of its ruling on the consent string (it's the only personal data the IAB manages), but it does also conclude that the IAB is just as responsible as any complying participants. From what I understand, it argues that the IAB sets minimum requirements for the consent screens and ad serving, and those are not good enough.
See also page 126 for a summary of the ruling. An editorial of my favourites:
> order the defendant to
> a. prohibit, via the terms of use of the TCF, the reliance on legitimate interests as a legal ground for the processing of personal data by organisations participating in the TCF
> d. take technical and organisational measures to prevent consent from being ticked by default in the consent interfaces
> e. force consent management platforms to adopt a uniform and GDPR-compliant approach to the information they submit to users